Inflation rate plunges to 94-month high at 18.3%
The country hope that inflation rate would be in the right order as various intervention programme which the Federal Government government has put in place would do the magic was on Monday shattered as the National Bureau of Statistics on Monday announced that the Consumer Price Index, which measures inflation rate, rose to a 94-month high of 18.3 per cent in October.
The 18.3 per cent inflation rate, which is about 0.48 per cent higher than the 17.9 per cent recorded in September, is the highest since January 2009 when the NBS started publishing the revised version of the CPI.
The bureau attributed the increase in inflation rate to pressures recorded in some sub-indexes such as housing, electricity, gas, water, lubricants for personal transport and education.
It explained that while the prices of food items such as bread, cereals, fish and meat also recorded significant increases, those of fruit items moderated during the period.
The report read in part, “The CPI, which measures inflation, increased by 18.3 per cent (year-on-year) in October 2016, 0.48 per cent points higher from the rate recorded in September.
“Increases were recorded across almost all major divisions, which contribute to the headline index. Communication and restaurants and hotels recorded the slowest pace of growth in October, growing at 5.7 per cent and 9.4 per cent year-on-year, respectively.
“The food index rose by 17.1 per cent (year-on-year) in October, up by 0.47 per cent points from 16.6 per cent recorded in September. During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, as well as fuels and lubricants for personal transport equipment and education.”
The report added that the least growth pace recorded in October was experienced in communication (5.7 per cent), restaurants and hotels (9.4 per cent), and recreation and culture (10.3 per cent).
The NBS noted that the urban index rose by 19.9 per cent (year-on-year) in October from 19.5 per cent recorded in September, while the rural index increased by 16.95 per cent in October from 16.4 per cent in the previous month.
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